New biotechnology strategy to be announced in two weeks:Sibal

Sibal said that the Government is planning to implement a policy framework to ensure support to life science companies at the initial stage of product development, launch of the product and assist the companies to deal with intellectual property right issues.

“We are willing to go into equity relationship with private companies and provide grant for research and development,” Sibal added.

He mentioned that India needs to rethink its administrative setup to facilitate the global need in life science sector.

Sibal said that life science is a subject beyond healthcare and can contribute largely to the challenges faced in environment, agriculture and energy sectors.

“We need to reach rural India and Government has launched a programme in partnership with SPACE, private hospitals and satellite connectivity providers to reach the remote areas with healthcare solutions,” he informed.

Universities should be the focus of R andD and private companies should allow students to experience the facilities, said Sibal.

Companies should concentrate on product oriented research and commercialisation of the outcome to make India a global hub in bio-technology, said the Minister.

He applauded the life science industry for responding positively on the drug price policy of the Government

India is among the top 15 countries in consumption value and fourth largest country in the world production volume, said Dr. Swati Piramal, Past Chairman, CII Maharashtra State Council and Member and Director, Strategic Alliance and Communications, Nicholas Piramal (India) Ltd. at the CII’s Life Science Conclave - 2007.

Citing McKinsey’s report, Dr. Piramal said that India’s Pharma turnover is expected to treble to 20 billion dollars by 2015.

She said that intense competition has resulted in medicine prices falling to lowest in the world, adding that the real challenge for the pharmaceutical industry is the access to the common people and Government and Industry should jointly address this issue.

Dr. Piramal appealed to the Government on behalf of the industry that the pharmaceutical companies need tax incentives for pure R and D and this would help the Indian pharmaceutical sector to compete in the global market along with China.

Dr. Rashmi Barbhaiya, Managing Director, Advinus Therapautics, said that India needs to generate intellectual properties and continue with innovation to counter the Chinese threat in Life Science sector. He said that patents should be converted to products for end users and must be attached to commercial value.

The two day conclave provided a forum to learn new strategies and discover the latest developments in life science and related areas. Life Science Conclave - 2007 was attended by academia, researchers, Industry representatives, investment partners and participants from the different Government agencies. (ANI)